كفاءة جمعيات الادخار والإقراض الدوار كنموذج بديل للتمويل الربوي للمشروعات الصغيرة في مصر

Abstract EN

A broad segment of society in Muslim countries, including Egypt, tends to reject conventional modes of microfinance and traditional microcredit for religious reasons; because they believe it is a form of usury.

the development of Sharia-compliant products was therefore essential.

for this reason, recent studies have developed alternative microfinance programs aimed at creating credit unions for the poor, such as rotating savings and credit association (ROSCA).

these unions are informal microfinance associations widely used in many countries.

in these unions, the group members lend to each other without interest, and the bank acts as guarantor.

the aim of this research is to review experiences of the (ROSCAs) as a model for interest-free financing of small enterprises, and to evaluate these experiments on the basis of their efficiency and relevance to the nature of microenterprises in Egypt.

research findings indicate that (ROSCAs) have the financial efficiency to contribute to narrowing the microfinance gap in Egypt.

this system has a great ability to meet requirements of the parties of financing process; financier and investor, in addition to serving the needs of the society and the economy to achieve the optimal use of resources.

apart from its economic function as a model for microfinance, (ROSCAs) represent a part of social safety net in society, protecting it from the negative impacts of economic shocks.